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Calculate net income or loss for the year

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Problem 1: At the beginning of the current fiscal year, the balance sheet of Marlborough Co. showed liabilities of $380,000. During the year liabilities increased by $10,000, assets increased by $55,000, and paid-in capital increased by $20,000 to $165,000. Dividends declared and paid during the year were $60,000. At the end of the year, stockholders' equity totaled $402,000. Assuming that is all the information that is needed, calculate net income or loss for the year.

Group of answer choices

A. 237,000

B. 105,000

C. 85,000

D. 145,000

Reference no: EM132934280

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